Current as of May 05, 2022 | Updated by FindLaw Staff
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(1) Participating employers and members shall pay the certified contribution rates to the office to maintain the defined benefit portion of this system on a financially and actuarially sound basis in accordance with Subsection (2).
(2)(a) A participating employer shall pay up to 14% of compensation toward the certified contribution rate to the office for the defined benefit portion of this system.
(b) Except as provided in Subsection (2)(c), a member shall pay to the office the amount, if any, of the certified contribution rate for the defined benefit portion of this system that exceeds the percent of compensation paid by the participating employer under Subsection (2)(a).
(c) A participating employer may elect to pay all or part of the required member contribution under Subsection (2)(b) on behalf of the member as an employer pick up under 26 U.S.C. Sec. 414(h)(2), in addition to the required participating employer contribution under Subsection (2)(a).
(d) In addition to the percent specified under Subsection (2)(a), the participating employer shall pay the corresponding Tier I system amortization rate of the employee's compensation to the office to be applied to the employer's corresponding Tier I system liability.
(3)(a) A member contribution is credited by the office to the account of the individual member.
(b) This amount, together with refund interest, is held in trust for the payment of benefits to the member or the member's beneficiaries.
(c) A member contribution is vested and nonforfeitable.
(4)(a) Each member is considered to consent to payroll deductions of member contributions.
(b) The payment of compensation less these payroll deductions is considered full payment for services rendered by the member.
(5) Except as provided under Subsection (6), benefits provided under the defined benefit portion of the Tier II hybrid retirement system created under this part:
(a) may not be increased unless the actuarial funded ratios of all systems under this title reach 100%; and
(b) may be decreased only in accordance with the provisions of Section 49-23-309.
(6)(a) The Legislature authorizes increases to the death benefit provided to a Tier II public safety service employee or firefighter member's surviving spouse effective on May 12, 2015, and July 1, 2020, as provided in Section 49-23-503.
(b)(i) The Legislature authorizes an increase to the multiplier for the calculation of the retirement allowance provided to a member of the New Public Safety and Firefighter Tier II hybrid retirement system effective July 1, 2020, as provided in Section 49-23-304.
(ii) The requirements of Section 49-22-310 do not apply to the benefit adjustment described in this Subsection (6)(b).
Cite this article: FindLaw.com - Utah Code Title 49. Utah State Retirement and Insurance Benefit Act § 49-23-301. Contributions - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-49-utah-state-retirement-and-insurance-benefit-act/ut-code-sect-49-23-301/
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